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Published: 18:39, June 30, 2022 | Updated: 18:53, June 30, 2022
HK records $8.31b deficit for 2 months ending May 31
By Wang Zhan
Published:18:39, June 30, 2022 Updated:18:53, June 30, 2022 By Wang Zhan

Photo taken on June 22, 2022 shows the view at the Victoria Harbour in Hong Kong, South China. (LI GANG / XINHUA)

HONG KONG - The Hong Kong Special Administrative Region government said on Thursday that it recorded a HK$65.2 billion ($8.31 billion) deficit ending May 31, 2022.

Announcing its financial results for May, the HKSAR government said expenditure for the period of April to May 2022 was HK$134.7 billion and revenue HK$49.5 billion, resulting in a deficit of HK$65.2 billion after taking into account the proceeds of HK$20 billion received from issuance of green bonds under the Government Green Bond Programme.

The Hong Kong Monetary Authority said the total assets of the Exchange Fund amounted to HK$4,437.5 billion as of May 31, or HK$27.1 billion higher than that at the end of the previous month

A government spokesperson said the cumulative year-to-date deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year. 

The fiscal reserves stood at HK$892 billion as at May 31, 2022.

Exchange Fund

Meanwhile, the Hong Kong Monetary Authority said the total assets of the Exchange Fund amounted to HK$4,437.5 billion as of May 31, or HK$27.1 billion higher than that at the end of the previous month.

ALSO READ: HKMA buys HK$5.22 billion from market to defend peg

The rise in Hong Kong dollar assets was mainly due to the month-end balance of Exchange Fund Bills and notes issued but not yet settled and the increase in placements with banks, the HKMA said in a statement.

Hong Kong dollar assets rose by HK$101.0 billion while foreign currency assets decreased by HK$73.9 billion, it added.

Renminbi deposits

The HKMA also said that renminbi deposits in Hong Kong increased by 1.0 percent in May to 850.4 billion yuan ($127 billion) at the end of May.

The total remittance of renminbi for cross-border trade settlement amounted to 777.3 billion yuan in May, compared with 742.5 billion yuan in April, it added. 

READ MORE: HKMA chief: Currency peg stable, resilient

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